The Transport Authority is moving to sell the Jamaica International Telecommunications Limited, Jamintel building in downtown, Kingston.
Managing Director of the Authority, Cecil Morgan, made the announcement during yesterday’s sitting of the PAAC. He says it’s clear proper due diligence was not done before the property was bought.
The Authority acquired the derelict building from the Urban Development Corporation for $150-million in 2014.
However, the Authority abandoned plans to occupy it due to concerns over parking and the $450-million cost to renovate half of the structure.
PAAC members were told the building is now valued at $140-million. That’s less than the cost to acquire it.
Member of Parliament for East Central St. Catherine, the JLP’s Alando Terrelonge, was incensed on hearing the government was still paying millions to secure the property.
He’s urging the Transport Authority to dispose of the building as quickly as possible.
Mr. Terrelonge says the money could be better spent on other government programmes.